Core Viewpoint - Voyager Technologies has faced significant challenges following its IPO, with stock prices declining sharply due to ongoing costs and uncertainty regarding future profitability [1][2]. Financial Performance - In Q2, Voyager reported a loss of $0.60 per share, which was double the expectations of Wall Street, despite generating sales of $45.7 million, exceeding forecasts [4]. - The sales growth was primarily driven by the defense sector, which saw an 85% increase, rather than from the space station projects that are still in development [5]. Future Guidance - Management provided guidance indicating full-year sales for 2025 will be between $165 million and $170 million, which is above analyst expectations. However, they did not provide clarity on expected losses under GAAP or free cash flow [6]. - The company is currently "debt-free" with total liquidity of $669 million, allowing it to sustain operations for a while despite ongoing cash burn [7].